Corporate entities can feel like a giant chain of employees. Each department is a part of an entire team, but each works as an independent system. A large company prospers when the company finds ways to become more efficient. Efficiency equals money in the corporate business world. So much so that consultants are brought in at great expense to make companies more efficient.
One of the easiest ways to get more efficiency is by automating the expense reports of all the employees. Without automation, the expense reports system requires a lot of personnel working a lot of man hours to do something that the spending employee could accomplish themselves.
The old paper routine consisted of an employee with a spending account spending the company’s money. The employee then fill out a spreadsheet. The spreadsheet would consist of manually entered information about the expense. The information would include which company or client the money was spent on, which payment method was used to pay for the expense, what the expense’s purpose was, plus other minor details such as the date and time.
The spreadsheet would be printed and sent to an account manager along with tax documents and receipts. The spreadsheet would be pored over by a manager and approved. But that is not the end of the line.
The manager would then send the documents to accounting where the information would be hand entered into another master spreadsheet. The documents would carefully be logged away for verifications purposes. All of this work took time and man hours. But most importantly, this whole process was expensive. From the approval to the redundancy in spreadsheets to the ink used to print the documents; it could all be avoided. Cut this inefficiency out with an automated expense reports system.
Here are just some of the ways an expense reports system makes the company more efficient:
1. The spending employee spends less time filling out spreadsheets
2. The spending employee does not have to physically print the spreadsheet
3. The account manager does not have to manually organize the information on the spreadsheets as the expense reports software organizes the information automatically
4. Accounting does not have to fill out another spreadsheet as the software makes it all digital
5. Accounting does not have to print another spreadsheet
6. Accounting does not have to spend time filing all of the information, including receipts
The expense software allows the spending employee to enter all the data about the expense straight into an easy-to-use system. It takes very little time and can even be done remotely from a smart phone. Pictures of the receipts can be taken, so you can avoid filing. The expenses are organized automatically by the software and sent along for instant approval. Once the data is inside the system, it is there. There is no need for printing any paper, poring over physical documents or filing. Everything is stored electronically and can be stored remotely, so that physical damage to the computers is not a concern.